The continuous accumulation by institutions in #套利交易策略 has become one of the core drivers of this round of price movement. According to ARK Invest's June report 'Bitcoin Monthly', the proportion of Bitcoin held by long-term holders has risen to 74% of the total supply, the highest level in 15 years. This indicator shows that despite a decline in the activity of new buyers in the short term, 'diamond hands' are still firmly holding on and continuously accumulating in a low volatility range. On July 9, Glassnode posted on social media that the Bitcoin RHODL ratio has begun to rise, reaching the highest level of this cycle. This signal indicates that the market structure is changing, with more wealth controlled by single-cycle holders, while short-term activity from 1 day to 3 months remains low. Historically, such turning points often herald a shift in market cycles and a cooling of speculative momentum. The RHODL ratio is an on-chain metric for Bitcoin, used to measure the difference in holding proportions between short-term and long-term holders, thereby analyzing market cycles and investor behavior.